May 8, 2018 Market Update: Bytecoin, IOTA, ETH

Today the cryptocurrency market continued on a global correction path that’s now on the third consecutive day.

Although most cryptocurrencies continued on the red, or slightly even, 3 names stand out in the news today for different reasons.

IOTA (MIOTA)

IOTA price is the biggest gainer among the top ten cryptocurrencies by market capitalization with the price surging by over 15% in the last 24 hours. MIOTA/USD recently broke out of a ranging channel on the 1-hour timeframe chart attacking the resistance level at $2.5 and even trading above $2.6 before encountering resistance. Downside corrections took over as the price sought for equilibrium but it was supported at $2.1.

IOTA regained its position by market capitalization after it had been bypassed by Tron (TRX) and NEO (NEO). It is now as the 9th cryptocurrency in the market, besides, it is signing essential partnerships to keep up its momentum. IOTA has recently entered into a partnership agreement with the famous car manufacturer, Porsche. The two will collaborate on a project that has been referred to as Program 4. The partnership was, however, signed with a startup in Germany, Autobahn. IOTA was picked among many other tech startups to work on a platform that will enable Smart Mobility. IOTA technology is a great addition to this startup and the two will, without doubt, achieve great things on the project.

It seems that Huobi will start trading IOTA tomorrow on its trading platform. This may contributed for the spike, even though it had been announced for an earlier date and then delayed.

Ethereum (ETH)

Ethereum is having a great month with steady growth. While its scaling solution has yet to be completed, many projects are diligently working on it. It seems investors have gained confidence in the Ethereum Foundation and its platform.

We are all waiting to ear from SEC on it’s word regarding Ethereum classification.

An SEC decision to classify Ethereum’s Ether cryptocurrency as a security could have far-reaching consequences for other digital monies originally crowdfunded through initial coin offerings (ICOs).

The SEC, however, is exploring whether it has the ultimate purview over Ether or whether the cryptocurrency would fall under the authority of another agency as a commodity, according to a report in the Wall Street Journal.

Ether is currrently considered a commodity but there’s “flexibility” for the SEC to choose either direction going forward, according to Zach Fallon, a former senior council with the SEC who is now a securities law attorney and consultant as well as senior legal advisor for Dispatch Labs, a start-up developing an enterprise-class blockchain protocol for dApps.

Bytecoin (BCN)

Thre great PUMP today is inevitably Bytecoin.

He have witnessed previous pump & dump from this cryptocurrency, but today it managed to score all time highs after Binance announced it had just listed Bytecoin for trading.